Draft of MINT00706 (Mint 19/3/487) with variant figures but to the same general effect

<568r>

To the R^t Hon^ble the Lord High Treasurer of great Britain.

May it please yo^r Lord^p,

In Obedience to yo^r Lord^ps Order of reference of the 9^th nstant upon the annexed representation of the Gentlemen {o}|O|wners of Tin Lans in Cornwall to y^e L^d Warden of the Stannaries wherein they desire that a Convocation or Parliament or Tinners may be holden before the determination of the present contract, that proper measures may be taken to set another on foot {illeg}|a|t such price as that her Ma^ty may be no loser thereby, and by w^ch such further quantity of Tin beyond the present stipulation be taken as may prevent the inconveniences they now labour under upon this|at| account:

We humbly represent to your Lordship that by the course of the sale during this and the four last years there will remain at the end of the present contract a dead stock of Tin w^ch at {illeg}|3|^li 16^s p^r C averdupois will be worth about 180000^li. And that if her Ma^ty contracts for 1600 Tunns of Tin annually at 3^li 10^s p^r C stan. weight, without remitting the coinage duty & post groats & this quantity shall be sold off annually so that the dead stock of 180000^li may more or less remain the same during all the next contract{;}|:| And if 6 per cent (the interest now paid in Cornwall for moneys advanced to them by her Ma^ty) be allowed upon the dead stock: the state of the contract will be as follows.

In this recconing if 10800^li should be thought too great an interest upon dead stock, 1458^li 18^s is as much too little for insurance & other accidents & unforeseen charges.

In this & the four last years the sale of the Tin by our accounts hath at a medium amounted to about 1560 Tunns per an stan. w^t, which being deducted from 1600 Tunns received annually from Cornwall & about 44 Tunns received annually from Devonshire, leaves 84 Tunns stannary, or 90 Tunns averdupois, the value of w^ch at 76^li per Tunn is 6840^li, to be annually added to the dead stock. And the interest of this addition, if the contract should continue seven years, amounts to 8618^li. 8^s, besides the loss by the fall of the price in the end of the contract, w^ch would amount to 13860^li \or more/ if the Tin should then fall for 5{illeg} 2^li. 14^s per C averdupois or less, the marke{illeg}|t|s being then clogged by the joint sale of the dead stock & the Tin in Cornwall

Thus the Crown by contracting for 1600 Tunns of Tin p^r an at 3^li 1{6}|0|^s p^r C would lose in the space of seven years 23|2|478^li 8^s or above & this loss in four years more would be more then doubled

<568v>

We have grownded this recconing upon a supposition that the sale of the Tin will continue uniform to y^e end of this & the next contract. How much it may increase or decrease by peace or wars or other causes, we do not know; & without a certainty can make no estimate of what may be got or lost.

All w^ch is most humbly submitted to yo^r Lord^ps

great wisdome

^[1]

Is. Newton